Investing.com - The selloff in oil shows little signs of slowing as crude prices fell more than 2% Thursday, extending the market’s red streak for an eighth-straight day as the latest measure of U.S. services activity came in below expectations.
* U.S. West Texas Intermediate crude was down $1.17, or 2.2%, at $51.47 per barrel by 10:27 AM ET (14:27 GMT).
* U.K. Brent oil slumped 92 cents, or 1.6%, to $56.77.
* Through Thursday, oil prices have lost about 13% in eight sessions on weak macroeconomic data.
* WTI’s low for Thursday was $51.05, barely above the key $51 support. It went as high as $63.38 in the aftermath of the Saudi oil attack on Sept. 14.
* The Institute of Supply Management said its non-manufacturing index fell to its lowest level since August 2016. That comes on the heels of its manufacturing measure hitting a 10-year low.
* Wall Street’s Dow Jones Industrial Average fell 0.8% while the S&P 500 was 0.6% lower shortly after the data.